New casinos boost property prices but undermine table revenues

Morgan Stanley strategist Rob Hart is cautious about Macau gaming stocks.

Competition is intensifying as established casino operators compete in a relatively small area, but at the same time new casinos are creating job opportunities which are going to boost MacauÆs residential property sector, according to a Morgan Stanley strategist.

Additional casinos, retailers and hotel spaces in AsiaÆs Las Vegas will outstrip demand over the next three years, the US investment bank argues in a research report. VIP revenue per table will halve and mass revenue per table will fall 40%...

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